Allowed

State Bank of India v. Jaycee Organics LLP

DRT17 Oct 2024OA/636/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal disposed of an application by State Bank of India for recovery of agricultural loans. The bank sought over Rs. 5.56 crore with interest. The Tribunal noted the defendants remained absent ex-parte and the bank's evidence including loan documents, hypothecation agreements, and title deeds was uncontroverted. Consequently, the application was allowed.

What did the court decide?

Respondents to pay Rs. 5,52,13,941 with 6% p.a. interest from application date till realization; liberty granted to sell mortgaged/hipothecated properties upon default.

State Bank of India versus Jaycee Organics LLP — Banking and Recovery | DRT (2024)

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OA No. 636/2022

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Fair Order

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IN THE DEBTS RECOVERY TRIBUNAL AT MADURAI

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DATED THIS 17^TH DAY OF OCTOBER, 2024 PRESENT: SEEMA SINHA,

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[PR. DISTRICT & SESSIONS JUDGE – Retd] PRESIDING OFFICER

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OA No.636/2022

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Between

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State Bank of India, Stressed Assets Recovery Branch, 1^st Floor, Dr.Ambedkar Road, Vinayaganagar Branch Madurai. Rep. By its Chief Manager.

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---Applicant Bank

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And

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M/s Jaycee Organics LLP, Rep. by its Partners, K. Jayachandran,

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K. Chandrasekaran, No.25, 26 Sterling Avenue, Sakthi Nagar, Porur, Chennai.

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Mr. K. Jayachandran,

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S/o Krishnarreddy, No.5/38, 1 Main Road, Maraikayar Nagar, Neelankarai, Chennai – 600 041.

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Mr. K. Chandrasekaran,

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S/o Krishnarreddy, No.5/38, 1 Main Road, Maraikayar Nagar, Neelankarai,

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Chennai – 600 041.

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Page 1 of 12

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OA No. 636/2022

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Mrs. Sathyavathy, W/o K. Jayachandran, No.5/38, 1 Main Road, Maraikayar Nagar, Neelankarai, Chennai – 600 041.

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Mrs. J. Lavanya, D/o K. Jayachandran, No.5/38, 1 Main Road, Maraikayar Nagar, Neelankarai, Chennai – 600 041. ---Defendants

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Counsel for the Applicant Bank : T. Thevan.

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This Original Application was heard and fixed for passing final order before me in the presence of the above said Advocate for Applicant Bank and the Defendants having been set ex-parte and upon hearing the arguments of Counsel for Applicant Bank and upon perusing the material available on the records and having stood over for consideration till this day, this Tribunal delivered the following:

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JUDGEMENT

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1 . This Application has been filed under Sec.19 (1) of the "The Recovery of Debts due to Banks and Financial Institutions Act, 1993" now amended as The Recovery of Debts and Bankruptcy Act, 1993 by the Applicant Bank on 02.07.2022 to recover from the Defendants a Total sum of Rs. 5,52,13,941/- i.e. (i) Rs. 1,83,67,081/- with interest at the rate of 10.60% p.a. with monthly rests in respect of Agri Cash Credit, (ii) Rs. 72,60,124/- with interest at the rate of 10.60% p.a. with monthly rests in respect of Agricultural term Loan, (iii) Rs. 47,40,005/- with interest at the rate of 10.60% p.a. with monthly rests in respect of Agricultural term Loan and (iv) Rs. 2,48,46,731/- with interest at the rate of 10.60% p.a. with monthly rests in respect of Agricultural term Loanfrom the date of Application till the date of realization with costand by sale of mortgaged/hypothecated properties, more fully described in Schedules of the application.

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2 . The brief averments of the application filed by the Applicant Bank are as follows:-

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The defendants 2,4,and 5 had initially availed Agricultural cash credit facility to a limit of Rs.1,50,00,000/- and Agricultural Term Loan of Rs.1,61,91,545/- from HDFC bank, Vannarapettai Branch, Tirunelveli. As

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Page 2 of 12

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OA No. 636/2022

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per the request of the defendants to take over the credits, the applicant bank took over on 18.11.2017. The defendants 2,4,5 had accepted the Terms and conditions stipulated in the Letter of Arrangement dated 18.12.2017 and executed the Hypothecation Agreement on 18.12.2017 hypothecating the Standing Crops, Machinery & Purchased out of bank finance in favour of the Applicant bank. D-3 had guaranteed for due repayment of the loan and executed Deed of Guarantee in favour of the Applicant bank. D-2, D-4, D-5, had executed Memorandum of Deposit of Title Deeds dt 31.01.2018, General Power of Attorney and created Equitable Mortgage over the properties described in the Schedule hereunder.

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Subsequently the defendants had constituted a Partnership Firm in the name and style of M/s JAYCEE ORGANICS LLP. D-2 & D-3 are Partners, D-2 to D-5 are Guarantors. The defendants had availed Agricultural Cash Credit to a limit of Rs.1,00,00,000/- & Agricultural Term Loan of Rs. 4,50,00,000/- on 30.01.2018. The applicant bank had sanctioned the facilities on 30.01.2020. D-2, D-4 and D-5 had extended their earlier Mortgage to cover the enhanced limit of Rs.5,50,00,000/- and they had executed Memorandum of confirming the extension of the existing equitable mortgage deed dated 01.02.2018 vide Doc.No.140/2018 in favour of the Applicant bank.Defendants 2 to 5 executed Revival Letter dated 15.12.2020 for the aggregating to a sum of Rs.3,11,91,545/- in favour of the applicant bank and admitting and acknowledging their liabilities. The defendants are liable to pay further interest at the contractual rate with monthly rests from date of this Application till realization in full and costs of this Application. After availing the loan, defendants were not regular in the matter of repayment. The defendants made several promises, but they failed to keep up their promises.

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Despite repeated demands and reminders, made by the Applicant Bank, the Defendants have failed and neglected to repay and adjust their liability. Hence, the Applicant Bank has filed the OA for recovery of a Total sum of Rs. 5,52,13,941/- i.e. (i) Rs. 1,83,67,081/- with interest at the rate of 10.60% p.a. with monthly rests in respect of Agri Cash Credit, (ii) Rs. 72,60,124/with interest at the rate of 10.60% p.a. with monthly rests in respect of Agricultural term Loan, (iii) Rs. 47,40,005/- with interest at the rate of 10.60% p.a. with monthly rests in respect of Agricultural term Loan and (iv) Rs. 2,48,46,731/with interest at the rate of 10.60% p.a. with monthly rests in respect of Agricultural term Loanfrom the date of Application till the date of realization with cost. The Applicant Bank has submitted the following documents in support of its claim in the OA, which are as follows:

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Page 3 of 12

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OA No. 636/2022

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S. No.	Date	Description of document	Exhibits
1.	18.12.2017	ArrangementLetter	Ex.No.A-01
2.	18.12.2017	Hypothecation agreement	Ex.No.A-02
3.	18.12.2017	Deed of guarantee	Ex.No.A-03
4.	30.01.2018	Arrangement Letter	Ex.No.A-04
5.	30.01.2018	Hypothecation agreement	Ex.No.A-05
6.	30.01.2018	Deed ofguarantee	Ex.No.A-06
7.	15.12.2020	Revival Letter	Ex.No.A-07
8.	15.12.2020	Revival Letter	Ex.No.A-08
9.	31.01.2018	Memorandum of deposit of title deeds (Doc.No.137/2018)	Ex.No.A-09
10.	01.02.2018	Memorandum confirming the extension of existingmortgage(Doc.No.140/2018)	Ex.No.A-10
11.	22.01.2021	Declarationcumundertaking	Ex.No.A-11
12.	01.03.1993	Regd. Sale deed(Doc.No.120/1993)	Ex.No.A-12
13.	03.06.1992	Regd.Powerdeed (Doc.No.34/1992)	Ex.No.A-13
14.	11.06.1992	Regd. Powerdeed (Doc.No.39/1992)	Ex.No.A-14
15.	15.10.1992	Regd.Powerdeed (Doc.No.69/1992)	Ex.No.A-15
16.	14.10.1992	Regd.Powerdeed (Doc.No.154/1992)	Ex.No.A-16
17.	01.03.1993	Regd. Sale deed (Doc.No.121/1993)	Ex.No.A-17
18.	18.07.1996	Regd. Sale deed (Doc.No.793/1996)	Ex.No.A-18
19.	04.12.2007	Regd. Power deed (Doc.No.369/2007)	Ex.No.A-19
20.	29.02.2008	Regd. Sale deed (Doc.No.338/2008)	Ex.No.A-20
21.	29.02.2008	Regd. Sale deed(Doc.No.340/2008)	Ex.No.A-21
22.	29.02.2008	Regd. Sale deed (Doc.No.341/2008)	Ex.No.A-22
23.	19.02.2009	Regd. Sale deed(Doc.No.271/2009)	Ex.No.A-23
24.	10.02.2012	Regd.Dischargereceipt (Doc.No.603/2012)	Ex.No.A-24
25.	05.12.2012	Regd. Memorandum of deposit of title deeds (Doc.No.3705/2012)	Ex.No.A-25
26.	20.12.2012	Regd. Rectification deed(Doc.No.3904/2012)	Ex.No.A-26
27.	10.03.2015	Regd. Cancellation of lease deed (Doc.No.581/2015)	Ex.No.A-27
28.	21.05.2015	Regd. Memorandum of deposit of title deeds (Doc.No.1095/2015)	Ex.No.A-28
29.	21.05.2015	Regd. Memorandum of deposit of title deeds (Doc.No.1821/2016)	Ex.No.A-29
30.	21.05.2015	Regd. Sale deed (Doc.No.308/1984)	Ex.No.A-30
31.	21.05.1984	Regd. Sale deed(Doc.No.309/1984)	Ex.No.A-31
32.	03.04.1986	Regd. Sale deed (Doc.No.225/1986)	Ex.No.A-32
33.	07.04.1986	Regd.Sale deed (Doc.No.234/1986)	Ex.No.A-33
34.	13.02.1992	Regd.Powerdeed (Doc.No.15/1992)	Ex.No.A-34
35.	25.03.1992	Regd. Sale deed (Doc.No.185/1992)	Ex.No.A-35
36.	25.03.1992	Regd. Sale deed (Doc.No.186/1992)	Ex.No.A-36
37.	21.04.1992	Regd. Sale deed (Doc.No.241/1992)	Ex.No.A-37
38.	21.04.1992	Regd. Sale deed (Doc.No.243/1992)	Ex.No.A-38
39.	16.07.1992	Regd.Powerdeed (Doc.No.49/1992)	Ex.No.A-39
40.	18.02.1993	Regd. Sale deed(Doc.No.93/1993)	Ex.No.A-40
41.	18.02.1993	Regd. Sale deed (Doc.No.95/1993)	Ex.No.A-41

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OA No. 636/2022

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42.	22.02.1993	Regd. Sale deed (Doc.No.102/1993)	Ex.No.A-42
43.	25.05.1992	Regd. Power deed (Doc.No.32/1992)	Ex.No.A-43
44.	03.06.1992	Regd. Power deed (Doc.No.36/1992)	Ex.No.A-44
45.	11.06.1992	Regd.Powerdeed (Doc.No.38/1992)	Ex.No.A-45
46.	25.06.1992	Regd.Powerdeed (Doc.No.44/1992)	Ex.No.A-46
47.	30.06.1992	Regd. Power deed(Doc.No.45/1992)	Ex.No.A-47
48.	18.02.1993	Sale deedNo.96/1993	Ex.No.A-48
49.	01.03.1993	Sale deed No.122/1993	Ex.No.A-49
50.	29.02.2008	Sale deedNo.342/2008	Ex.No.A-50
51.	24.10.2007	General Powerof attorneyNo.88/07	Ex.No.A-51
52.	07.07.1994	General PowerofattorneyNo.63/94	Ex.No.A-52
53.	29.02.2008	Sale deed No.343/2008	Ex.No.A-53
54.	29.02.2008	Sale deed No.344/2008	Ex.No.A-54
55.	19.02.2009	Lease deed No.273/2009	Ex.No.A-55
56.	24.03.2010	Lease deedNo.535/2010	Ex.No.A-56
57.	10.03.2015	Lease canceldeedNo.579/2015	Ex.No.A-57
58.	10.03.2015	Lease cancel deed No.582/2015	Ex.No.A-58
59.	22.02.1993	Sale deedNo.101/1993	Ex.No.A-59
60.	23.12.1993	General Power of AttorneyNo.273/93	Ex.No.A-60
61.	18.07.1996	Sale deedNo.792/1996	Ex.No.A-61
62.	29.02.2008	Sale deedNo.339/2008	Ex.No.A-62
63.	29.02.2008	Sale deedNo.345/2008	Ex.No.A-63
64.	19.02.2009	Lease deedNo.272/2009	Ex.No.A-64
65.	19.03.2010	Lease deedNo.534/2010	Ex.No.A-65
66.	10.03.2015	Lease cancel deed No.580/2015	Ex.No.A-66
67.	10.03.2015	Lease canceldeedNo.583/2015	Ex.No.A-67
68.	04.01.2018	Deed of rectification No.11/18	Ex.No.A-68
69.	16.07.1992	General Power of AttorneyNo.50/92	Ex.No.A-69
70.	18.02.1993	Sale deedNo.94/1993	Ex.No.A-70
71.	10.01.2018	Deed of Receipt No.44/2018	Ex.No.A-71
72.	06.06.2022	AgriCashCreditAccountNo.374439353263	Ex.No.A-72
73.	06.06.2022	Agri Term Loan AccountNo.37444040864	Ex.No.A-73
74	06.06.2022	Agri Term Loan AccountNo.37443998715	Ex.No.A-74
75.	06.06.2022	Agri Term Loan AccountNo.37500295649	Ex.No.A-75
76.		Banker’sBookevidenceAct	Ex.No.A-76

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SCHEDULE-A

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(Description of immovable properties)

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Item No.1 Properties in the name of Shri. K. Jayachandran

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Tirunelveli District, Cheranmahadevi Registration District, Mukkudal Sub-Registrar Office, Alangulam Taluk, Udayampuli Village and Odaimarichan Panchayath, Ayan Punja Survey Numbers.

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OA No. 636/2022

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S.No.	Survey Number	Extent (Hectares)
1.	120/3C2	2.90.00
2.	120/3C3	2.77.50
3.	121/1B	0.06.50
4.	117/1	0.25.50
5.	117/2	0.14.50
6.	117/3	0.26.00
7.	117/4	0.19.50
8.	118/3	8.52.00
9.	119/1C	0.24.00
10.	118/1	1.06.00
11.	119/3B	0.64.50
12.	120/3A1	0.02.00
13.	120/3A2	0.07.50
14.	120/3B	0.08.50
15.	118/2	1.06.00
16.	119/3A	0.40.50
17.	119/4A	1.05.00
18.	119/4B	1.05.00
19.	121/3A1A	0.40.00
20.	121/3A1B	0.06.50
21.	121/3A2	0.54.50
22.	121/3B1	0.14.00
23.	119/1B	0.40.5
24.	121/3B2	0.40.5
25.	121/3D	0.54.5
	Extent	23.39.00 57 acre 77 cents

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Item No.2 Properties in the name of Smt. J. Sathyavathy

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Tirunelveli District, Cheranmahadevi Registration District, Mukkudal Sub-Registrar Office, Alangulam Taluk, Udayampuli Village and Odaimarichan Panchayath, Ayan Punja Survey Numbers.

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S.No.	Survey	Extent
	Number	(Hectares)
1.	115/2	4.08.00
2.	119/4C	5.23.50
3.	116	1.89.50
4.	117/5	0.99.50

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OA No. 636/2022

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5.	133/1C	0.64.50
6.	134/1A3	0.41.00
7.	114/4A	0.82.00
8.	114/4B	0.82.00
9.	133/1D	0.64.50
10.	134/1D1A	0.82.00
11.	134/1D1B	0.81.00
12.	134/1A1	0.40.50
13.	134/1A2	0.40.50
14.	133/1A1	0.40.50
15.	133/1D1	0.64.50
16.	134/1B1	0.81.00
17.	133/1B	0.64.50
18.	134/3D2	0.28.50
19.	134/3B	0.28.50
20.	134/1B2	0.81.50
21.	133/1A2	0.24.00
	Extent	22.11.20 54 Acre 62 Cents

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Item No.3 Properties in the name of Shri. J. Lavanya

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Tirunelveli District, Cheranmahadevi Registration District, Mukkudal Sub-Registrar Office, Alangulam Taluk, Udayampuli Village and Odaimarichan Panchayath, Ayan Punja Survey Numbers.

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S.No.	Survey Number	Extent (Hectares)
1.	138/1A2	0.69.00
2.	138/1B1	0.40.50
3.	138/1B2	0.28.50
4.	138/1C	0.69.00
5.	138/1D	0.69.00
6.	134/1C	0.81.50
7.	134/1D2A	0.81.00
8.	132/1D2B	0.81.00
9.	135/1A	0.81.00
10.	135/2B	0.65.00
11.	135/3A	0.60.50
12.	135/3B	0.65.00
13.	135/4A1	0.44.50
14.	135/4A2	0.81.00

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OA No. 636/2022

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15.		135/4B1	0.62.50
16.		137/1A3	0.45.50
17.		137/1B	0.45.50
18.		137/1C	0.45.50
19.		135/4C	6.31.50
20.		136	5.18.00
Extent 5.18	.00	in which to	an extent of
Hec 4.21.00	whi	ch is bounde	d
On the East	by	: Survey No	.138
West by		: Survey No	.136
North by		: Karuvana	llor Village
South by		: Survey No	.35
		Total	21.68.00 53 Acre 55 Cents

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Item No.4

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Residential Flat situated in Chennai District, Nungampakkam Village and Taluk, all that piece and parcel of the apartment No.B, having built up area 1710 Sq.ft inclusive of common area in the third floor of the building known as KG tranquil terrace situated at old Door No.53, New Door No.53A as per corporation records No.69/6, FLT III A 54 Second street, Kamadar Nagar, Nungampakkam, Chennai-34 together with 1035.44 Sq.ft undivided share of land in the land measuring 8600 Sq. comprising in Old R.S.No.626 (pt) now R.S.No.626/57 & 626/58 of Nungampakkam Village – Egmore – Nungampakkam Taluk, Chennai District, Tamilnadu being bounded on:

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R.S.No.626/57-2 grounds 1200 Sq.ft

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North by : Door No.53A, Kamdar Nagar 2^nd street, South by : New Door No.34, Kamdar Nagar 2^nd street, East by : Door No.30 & 28, Kamdar Nagar 1^st street, West by : Second Street Kamdar Nagar

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R.S.No.626/58-2600 Sq.ft

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North by : Door No.67, Kamdar Nagar 2^nd street, South by : New Door No.69, Kamdar Nagar 2^nd street, East by : Door No.24 & 28, Kamdar Nagar 1^st street, West by : Door No.67A, Second Street Kamdar Nagar

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Together with one open car parking space and lying with the Sub Registration District of Thousand lights in the registration district of Chennai – Central belonging to Shri. K. Jayachandran & Smt. Lavanya

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OA No. 636/2022

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Schedule ‘B’ (Description of Movable Properties)

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Hypothecation of all Assets created and plant & Machinery acquired out of bank’s finance, Stocks, receivables and standing crops.

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3 . On the other hand, Notices were issued to Defendants and since from the beginning of the case, there was no representation on behalf of the Defendants. Hence, Defendants were set ex-parte.

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4. Now the main point for consideration before me is as to whether the Applicant has been able to prove his case on his own leg?

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Having gone through affidavit of the applicant and the documents filed by them and also considering the submission of the counsel for the Applicant, I find that the Applicant Bank, in order to prove its claim, has filed Proof Affidavit executed by the Chief Manager of the Applicant Bank.

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He has stated in his affidavit that the defendants availedAgricultural Term Loans from the Applicant Bank, but they failed to pay the outstanding loan amount, hence he has filed the case. The applicant bank has also filed the documents given by the defendants at the time of sanctioning the loan amount, which have been marked as exhibits No.A-01 to A-76in support of its claim in the OA.

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S. No.	Date	Description of document	Exhibits marked as
1.	18.12.2017	ArrangementLetter	Ex.No.A-01
2.	18.12.2017	Hypothecation agreement	Ex.No.A-02
3.	18.12.2017	Deed ofguarantee	Ex.No.A-03
4.	30.01.2018	ArrangementLetter	Ex.No.A-04
5.	30.01.2018	Hypothecation agreement	Ex.No.A-05
6.	30.01.2018	Deed ofguarantee	Ex.No.A-06
7.	15.12.2020	Revival Letter	Ex.No.A-07
8.	15.12.2020	Revival Letter	Ex.No.A-08
9.	31.01.2018	Memorandum of deposit of title deeds (Doc.No.137/2018)	Ex.No.A-09
10.	01.02.2018	Memorandum confirming the extension of existingmortgage (Doc.No.140/2018)	Ex.No.A-10
11.	22.01.2021	Declarationcumundertaking	Ex.No.A-11
12.	01.03.1993	Regd. Sale deed (Doc.No.120/1993)	Ex.No.A-12
13.	03.06.1992	Regd.Powerdeed (Doc.No.34/1992)	Ex.No.A-13
14.	11.06.1992	Regd.Powerdeed (Doc.No.39/1992)	Ex.No.A-14
15.	15.10.1992	Regd. Power deed (Doc.No.69/1992)	Ex.No.A-15
16.	14.10.1992	Regd.Powerdeed (Doc.No.154/1992)	Ex.No.A-16
17.	01.03.1993	Regd. Power deed (Doc.No.121/1993)	Ex.No.A-17
18.	18.07.1996	Regd. Power deed(Doc.No.793/1996)	Ex.No.A-18

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OA No. 636/2022

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19.	04.12.2007	Regd.Powerdeed (Doc.No.369/2007)	Ex.No.A-19
20.	29.02.2008	Regd. Power deed (Doc.No.338/2008)	Ex.No.A-20
21.	29.02.2008	Regd. Power deed (Doc.No.340/2008)	Ex.No.A-21
22.	29.02.2008	Regd. Sale deed (Doc.No.341/2008)	Ex.No.A-22
23.	19.02.2009	Regd. Sale deed (Doc.No.271/2009)	Ex.No.A-23
24.	10.02.2012	Regd. Discharge receipt(Doc.No.603/2012)	Ex.No.A-24
25.	05.12.2012	Regd. Memorandum of deposit of title deeds (Doc.No.3705/2012)	Ex.No.A-25
26.	20.12.2012	Regd.Rectificationdeed (Doc.No.3904/2012)	Ex.No.A-26
27.	10.03.2015	Regd. Cancellation of lease deed (Doc.No.581/2015)	Ex.No.A-27
28.	21.05.2015	Regd. Memorandum of deposit of title deeds (Doc.No.1095/2015)	Ex.No.A-28
29.	21.05.2015	Regd. Memorandum of deposit of title deeds (Doc.No.1821/2016)	Ex.No.A-29
30.	21.05.2015	Regd. Sale deed (Doc.No.308/1984)	Ex.No.A-30
31.	21.05.1984	Regd. Sale deed (Doc.No.309/1984)	Ex.No.A-31
32.	03.04.1986	Regd. Sale deed(Doc.No.225/1986)	Ex.No.A-32
33.	07.04.1986	Regd. Sale deed (Doc.No.234/1986)	Ex.No.A-33
34.	13.02.1992	Regd. Powerdeed (Doc.No.15/1992)	Ex.No.A-34
35.	25.03.1992	Regd. Sale deed (Doc.No.185/1992)	Ex.No.A-35
36.	25.03.1992	Regd.Sale deed (Doc.No.186/1992)	Ex.No.A-36
37.	21.04.1992	Regd. Sale deed (Doc.No.241/1992)	Ex.No.A-37
38.	21.04.1992	Regd. Sale deed (Doc.No.243/1992)	Ex.No.A-38
39.	16.07.1992	Regd. Power deed (Doc.No.49/1992)	Ex.No.A-39
40.	18.02.1993	Regd. Sale deed (Doc.No.93/1993)	Ex.No.A-40
41.	18.02.1993	Regd. Sale deed (Doc.No.95/1993)	Ex.No.A-41
42.	22.02.1993	Regd. Sale deed (Doc.No.102/1993)	Ex.No.A-42
43.	25.05.1992	Regd. Power deed(Doc.No.32/1992)	Ex.No.A-43
44.	03.06.1992	Regd.Powerdeed (Doc.No.36/1992)	Ex.No.A-44
45.	11.06.1992	Regd. Power deed(Doc.No.38/1992)	Ex.No.A-45
46.	25.06.1992	Regd.Powerdeed (Doc.No.44/1992)	Ex.No.A-46
47.	30.06.1992	Regd. Powerdeed (Doc.No.45/1992)	Ex.No.A-47
48.	18.02.1993	Sale deedNo.96/1993	Ex.No.A-48
49.	01.03.1993	Sale deed No.122/1993	Ex.No.A-49
50.	29.02.2008	Sale deed No.342/2008	Ex.No.A-50
51.	24.10.2007	General Power of attorney No.88/07	Ex.No.A-51
52.	07.07.1994	General Power of attorneyNo.63/94	Ex.No.A-52
53.	29.02.2008	Sale deedNo.343/2008	Ex.No.A-53
54.	28.02.2008	Sale deed No.344/2008	Ex.No.A-54
55.	19.02.2009	Lease deedNo.273/2009	Ex.No.A-55
56.	24.03.2010	Lease deed No.535/2010	Ex.No.A-56
57.	10.03.2015	Lease canceldeedNo.579/2015	Ex.No.A-57
58.	10.03.2015	Lease canceldeedNo.582/2015	Ex.No.A-58
59.	22.02.1993	Sale deedNo.101/1993	Ex.No.A-59
60.	23.12.1993	General Power of Attorney No.273/93	Ex.No.A-60
61.	18.07.1996	Sale deed No.792/1996	Ex.No.A-61
62.	29.02.2008	Sale deed No.339/2008	Ex.No.A-62
63.	29.02.2008	Sale deedNo.345/2008	Ex.No.A-63

¶77

Page 10 of 12

¶78

OA No. 636/2022

¶79

64.	19.02.2009	Lease deedNo.272/2009	Ex.No.A-64
65.	19.03.2010	Lease deed No.534/2010	Ex.No.A-65
66.	10.03.2015	Lease cancel deed No.580/2015	Ex.No.A-66
67.	10.03.2015	Lease canceldeedNo.583/2015	Ex.No.A-67
68.	04.01.2018	Deed of rectification No.11/18	Ex.No.A-68
69.	16.07.1992	General Power of AttorneyNo.50/92	Ex.No.A-69
70.	18.02.1993	Sale deedNo.94/1993	Ex.No.A-70
71.	10.01.2018	Deed of Receipt No.44/2018	Ex.No.A-71
72.	06.06.2022	AgriCashCreditAccountNo.374439353263	Ex.No.A-72
73.	06.06.2022	Agri Term Loan AccountNo.37444040864	Ex.No.A-73
74	06.06.2022	Agri Term Loan AccountNo.37443998715	Ex.No.A-74
75.	06.06.2022	Agri Term Loan Account No.37500295649	Ex.No.A-75
76.		Banker’sBookevidenceAct	Ex.No.A-76

¶80

So the averments of the applicant as well as the statement of the pleading have been corroborated by the above mentioned documents which are marked.

¶81

As the Defendants remained ex-parte, the claim of the Applicant Bank is neither disproved nor dislodged and goes on record as proved. Accordinglya cumulative analysis of both the Proof Affidavit and documents marked by the Applicant Bank would prove the claim of the Applicant Bank in the OA.

¶82

So far the claim of interest is concerned, it is a well settled Law that the Tribunal has got powers to award pendente lite interest in view of the Judgment of the Hon’ble Supreme Court in N.M. Veerapa Vs Canara Bank (reported in AIR 98(1), 1101 & in Central bank of India Vs Ravindra and OS (AIR, 2001(1), 3095).

¶83

Therefore, this Original Application is allowed. Since this is an Agricultural Term Loan the Applicant Bank is entitled for a final order on the following lines:-

¶84

The Applicant Bank is entitled to recover from the Defendants 1 to 5 jointly and severally to pay a Total a sum of Rs. 5,52,13,941/- i.e. (i) Rs. 1,83,67,081/- with simple interest at the rate of 6% p.a. in respect of Agri Cash Credit, (ii) Rs. 72,60,124/- with simple interest at the rate of 6% p.a. in respect of 1^st Agricultural term Loan, (iii) Rs. 47,40,005/- with simple interest at the rate of 6% p.a. in respect of 2^nd Agricultural term Loan and (iv) Rs. 2,48,46,731/- with simple interest at the rate of 6% p.a. in respect of 3^rd Agricultural term Loan from the date of Application till the date of realization with cost. Accordingly, it is hereby

Page 11 of 12

OA No. 636/2022

ORDERED

(a) That the Defendants 1 to 5 are directed to pay jointly and severally a Total sum of Rs. 5,52,13,941/- i.e. (i) Rs. 1,83,67,081/- with simple interest at the rate of 6% p.a. in respect of Agri Cash Credit, (ii) Rs. 72,60,124/- with simple interest at the rate of 6% p.a. towards 1^st Agricultural term Loan, (iii) Rs. 47,40,005/- with simple interest at the rate of 6% p.a. towards 2^nd Agricultural term Loan and (iv) Rs. 2,48,46,731/with simple interest at the rate of 6% p.a. towards 3^rd Agricultural term Loan from the date of Application till the date of realization with cost within one month from the date of receipt of this order.

¶89

(b) In case of default of payment by the above mentioned Defendants, the Applicant Bank is at liberty to sell the movable / immovable properties more fully described in Schedule of the original application for appropriation of sale proceeds towards the satisfaction of amount due to the Applicant Bank.

¶90

(c) If the sale proceeds are not sufficient, after defraying the expenses of such sale, for the payment of all such amounts, the defendants are personally /jointly liable to pay the amount of such deficiency with interest mentioned above until realization.

¶91

(d) Any amount remitted during the course of this proceedings shall be given due credit, to the loan account of the defendants.

¶92

(e) Recovery Certificate may be prepared, as per the directions given above,and issued accordingly. A copy of the order is to be communicated to the parties concerned, immediately.

¶93

(f) It is further ordered that the Applicant Bank shall file cost memo within a period of one month from the date of receipt of this order, so as to prepare the recovery certificate with cost for the Agricultural Term loansand the Recovery Officer is also directed to proceed with the matter in accordance with law. In case, cost memo is not filed before said period of one month, Recovery Certificate will be prepared with available records.

¶94

Dictated to PA (DK), taken down, transcribed, typed by her, corrected and pronounced by me in the Open Court in this the 17^th October, 2024.

¶95

sd /-

¶96

(SEEMA SINHA) PRESIDING OFFICER

¶97

Dictated & Corrected by me sd /-

(SEEMA SINHA)

PRESIDING OFFICER

Typed by me

(D. Krishnaveni, PA)

Order uploaded on 28.10.2024

¶103

Page 12 of 12

State Bank of India v. Jaycee Organics LLP

Case brief

What is this about?

What did the court decide?

State Bank of India v. Jaycee Organics LLP

Case brief

What is this about?

What did the court decide?

What the court decided

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